Settlement of loan account
This query is : Resolved
28 February 2012
I MADE A MISTAKE AT THE TIME OF SETTLEMENT OF LOAN ACCOUNT. LOAN FOR A THREE YEARS. IN SECOND YEAR I MADE ONE ENTRY FOR LOAN INSTALLMENT IN CASH BECAUSE I DIDN'T GET A DETAIL OF CHEQUE PAYMENT MADE FOR INSTALLMENT. I FELT THAT PAYMENT MADE IN CASH. BUT IN THIRD YEAR, I FOUND THAT THE CHEQUE PAYMENT ENTRY MADE IN ANOTHER LOAN. THE TWO LOAN TAKEN FROM SAME COMPANY NAME, SO I WAS CONFUSED. KNOW IN OTHER LOAN IN WHICH I DID THE CHEQUE ENTRY, IN THAT THERE IS SHOWN EXCESS ENTRY BY THE AMOUNT OF CHEQUE. SO PLEASE GIVE SOLUTION HOW TO SOLVE THIS PROBLAME. ENTRY MADE IN CASH, CAN I REVERSE IT?. GIVE ON URGENT BASIS WITHIN HOURS. THANKING YOU.
12 May 2012
If the books of accounts have not been closed, then you can rectify the mistake by deleting the cash entry and debiting the correct loan account in cheque entry.
If the books of accounts have been closed, then pass a transfer entry between the two loan accounts.
If the books of accounts have been closed, then pass a transfer entry between the two loan accounts.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- TDS Challan Code
- Relief u/s Section 89
- Rent lease agreement
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- CCFS 2026 Schemed
- Entries in AIS regarding sale of units and shares
- Merchant Export Accounting
- Lease agreement and tax on sale
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
